US-based medical device company Nanospectra Biosciences has closed an initial $3m in a Series B-1 financing with total approved capital of approximately $6m in the raise.

Nanospectra’s flagship product AuroLase is the ‘first and only’ ultra-focal ablation therapy for prostate cancer. The product increases treatment efficacy while minimising side effects related to surgery, radiation and alternative focal therapies.

The funding will support the company’s efforts for the further development of AuroLase. It includes the completion of the ongoing pivotal study for prostate cancer tissue ablation, marketing clearance and commercialisation efforts.

With the participation of current and new investors, Nanospectra’s equity round was led by Sirtex Medical as a strategic investor.

As part of the financing, Sirtex general counsel and business development executive vice-president Kevin Smith will join Nanospectra’s board of directors.

Additionally, Sirtex and Nanospectra will exclusively negotiate for a defined period of time for access to AuroLase in certain markets outside of the US.

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Sirtex offers targeted liver cancer therapies, using its proprietary SIR-Spheres Y-90 microspheres, and has global operations.

Commenting on the development, Nanospectra CEO David Jorden said: “We are thrilled to welcome Sirtex Medical as a strategic investor due to their shared commitment and understanding of the clinical and patient benefits of minimally invasive oncology therapies.

“With established global operational capabilities and distribution, they are well-positioned to advise on our commercialisation efforts in both the US and other geographies. We look forward to Sirtex’s active engagement as we proceed with our clinical programmes.”

The AuroLase pivotal study for the focal ablation of prostate tissue uses nanoparticle directed near-infrared irradiation.

The study received Investigational Device Exemption (IDE) approval from the US Food and Drug Administration (FDA), following the successful first-in-human pilot study that took place at three US sites with 46 subjects.

The ongoing pivotal study will enrol 60 patients at eight clinical trial sites across the country.

Nanospectra plans to include the combined dataset from both studies in its clinical package submission to the FDA.

Kevin Smith said: “Nanospectra’s AuroLase is a perfect complement to our technology approach and corporate strategic focus on minimally invasive therapies.

“We look forward to collaborating with Nanospectra to explore and develop innovative therapies to meet unmet medical needs in patients with various cancer conditions.”